Lux Biosciences Completes $50M Series B Financing

Lux Biosciences, Inc., a biotechnology company focused on the development and commercialization of therapies for serious ophthalmic diseases, has closed a $50m Series B venture financing.

Participants in the funding were current investors in Lux Biosciences, HBM Bioventures, Novo A/S, Prospect Venture Partners and SV Life Sciences (SVLS), as well as SVLS’ publicly traded fund, International Biotechnology Trust plc.

The proceeds will be used beyond the anticipated 2010 US- approval for LUVENIQ (oral voclosporin, LX211) and the preparation for commercial launch of that product for non-infectious uveitis. The Jersey City, NJ, and Frankfurt am Main, Germany-based company has several earlier stage projects based on its mixed nanomicellar ocular formulation technology, and based on its proprietary product-enabling bio-erodible polymer technologies that facilitate targeted and sustained delivery of molecules to the eye.

Commenting on the round, Ulrich Grau, Ph.D., Lux Biosciences President and Chief Executive Officer, said: “We take this financing as a commitment to continue to meet milestones and to advance our programs to the point of superior value creation: pivotal data, regulatory approval, and product launch.“We and our investors truly believe in the opportunities that exist when patients are affected by blinding diseases for which the approved therapeutic options are limited, and where we can develop and commercialize a first-in-class product to meet those needs”.